JOHANNESBURG - The rand traded on the front foot during the early European session as global risk appetite was boosted by expectations that the ECB will announce a comprehensive easing package at Thursday’s rate-setting meeting, although the South African unit succumbed to pressures exerted by negative domestic releases later during the trading session according to NKC Research.
Sentiment soured as the RMB/BER business confidence index plummeted to 21 pts in Q2 – well below the 50-mark separator between net positive and negative territories. At the close of local trade, the rand quoted 0.76 percent weaker at R14.73/$. The rand managed to recover overnight. Expected range today R14.55/$ - R14.75/$.
South African bourse